Lordstown Founder Unloads Remaining Stake Amid Foxconn Fight
Steve Burns
Photographer: Matthew Hatcher/BloombergThis article is for subscribers only.
Lordstown Motors Corp.’s founder and former chief executive officer liquidated his remaining stake as the electric-vehicle maker works to salvage a collapsing partnership with Foxconn Technology Group.
Steve Burns, who had already been unloading portions of his holdings, sold 581,000 shares of common stock on May 23 for an average price of 27 cents apiece, just before the startup executed a reverse stock split, according to a regulatory filing Wednesday. He sold another 200,000 shares for an average price of $3.74 each on May 24, and his remaining 591,752 shares for $4.99 apiece on June 16.